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Twenty-five-year commodity market veteran Jim Prince is an expert in the principles of technical trading. Each day Jim reviews the biggest moves in the commodity markets, identifying formations and planking trading strategies. And now, in his free Daily Alert, Jim will share with you his hot pick of the day with an exclusive 3-5 minute video.
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Soybean futures saw a comeback attempt in the September contract, but most of the rest were 4 to 5 cents lower. The delivery squeeze situation continues to unwind for the September beans and September meal futures as well. A weather firm boosted projected US average bean yield to 46.9 bpa, which nudged futures lower. New crop export bookings came in above expectations at 1,290,800 MT yesterday, but excess supply is the focus until we get further into harvest. Some inland crushers continue to pay huge pushes for old crop beans, as they are unable to access the imported stuff and there are currently zero beans registered for delivery vs. September futures. Southern harvest will be slowed by heavy rain totals over the next 7 days if the forecast proves accurate.
Sep 14 Soybeans closed at $10.89 1/2, up 15 3/4 cents,
Nov 14 Soybeans closed at $10.24 1/4, down 4 1/2 cents,
Jan 15 Soybeans closed at $10.32 1/2, down 4 cents,
Mar 15 Soybeans closed at $10.40 1/2, down 3 1/4 cents,